Allegro works hard on bid for Toll Holdings Global Express

The Global Express division consists of three components — Express Parcels, the Toll freight shipping operations across Bass Strait to Tasmania and an intermodal operation.

The final competitors in the auction for the $3.5bn Toll Holdings Global Express unit were understood to have reconfirmed their non-binding offers last Monday.

Yet it still remains a guessing game as to what groups are in the final mix.

Oaktree Capital Management is out of the running after it is understood to have made a first-round offer on December 23, as is Singapore Post and Anchorage Capital Partners.

Still there is Allegro Funds Management, which is believed to be working hard on its proposal to buy the whole unit and is in the second round.

But some think there is stronger interest from a party offshore.

Opportunistic buyer Platinum Equity is thought to have been in the contest at some stage, but whether it remains a final contender is unclear.

Some suspect California-based Platinum could be partnering with an offshore strategic group.

Cerberus may be among bidders.

DataRoom understands there is reasonable interest for the business and Japanese owner Japan Post has confidence it will be sold, with the contenders looking to put forward their final offers by about the end of March.

The unit, up for sale through JPMorgan and Nomura, could be broken up and sold if there is not a buyer for the whole prepared to pay the right price.

Management presentations were held in the second round.

The Global Express division consists of three components — Express Parcels, the Toll freight shipping operations across Bass Strait to Tasmania and an intermodal operation.

Toll’s preference is to sell the division in one line.

The Australian company was founded by billionaire Paul Little and Japan Post outlaid $6.5bn for the operation in 2015.